比特幣（BTC）網絡活動指數自2024年11月以來達到15％，一年以上的最低水平

自2024年11月的高峰以來，比特幣的加密網絡活動指數下降了15％，這是一年多以上的最低水平。

The CryptoQuant Network Activity Index for Bitcoin has dropped by 15% since peaking at 4,380 in November 2024, now at its lowest level in over a year.

自2024年11月的4,380人達到頂峰以來，比特幣的加密網絡活動指數下降了15％，現在已經達到了一年多的最低水平。

The index, which measures the total number of transactions and the average size of those transactions, is now at 3,760, marking its weakest performance since February 2024.

該指數衡量交易總數和這些交易的平均規模，現在為3,760，標誌著其自2024年2月以來的性能最弱。

Bitcoin Network Activity Drops to Lowest in a Year, Impact on Price Analysis

比特幣網絡活動在一年內下降到最低，對價格分析的影響

Chart showing the CryptoQuant Network Activity Index for Bitcoin since 2023. As of the latest data point, the index is at 3,760, indicating the lowest level of network activity in over a year.

圖表顯示了比特幣自2023年以來的網絡活動指數。截至最新數據點，該指數為3,760，表明一年多的網絡活動水平最低。

Bitcoin transaction volumes have seen a major decrease, which is to blame for most of the sharp drop in activity. From a historical peak of 734,000 daily transactions in September 2024, the network is now processing 346,000 transactions per day, a drop of 53%.

比特幣交易量的大幅下降，這對於大多數急劇活動的急劇下降應歸咎於責任。從2024年9月的每日734,000次交易的歷史峰值開始，該網絡每天正在處理346,000筆交易，下降了53％。

One of the main reasons for this is the reduced activity of the RUNES protocol, which has seen a lot of activity since its launch in April 2024. It initially led to a surge in usage, as it was primarily used for minting and moving tokens via OP RETURN codes, with daily OP RETURN usage hitting 802,000. However, this number has now plummeted to around 10,000, indicating a dramatic drop in token-driven operations on the Bitcoin network.

造成這種情況的主要原因之一是符文協議的活動減少，自2024年4月推出以來，該協議已經進行了很多活動。它最初導致了使用的激增，因為它主要用於通過鑄造和移動代幣。 OP返回代碼，每日OP返回使用率達到802,000。但是，這個數字現已下降到約10,000，表明比特幣網絡上以令牌驅動的操作顯著下降。

The slowdown is also evident in the Bitcoin mempool, which tracks unconfirmed transactions waiting to be added to the blockchain. There are currently 3k transactions in the mempool, which is down from 287k in December 2024, marking a 99% reduction. We haven’t seen numbers this low since March 2022, so it’s a significant drop-off in overall network usage.

在比特幣Mempool中也很明顯，該比特幣Mempool跟踪未經證實的交易，等待將其添加到區塊鏈中。孟買目前有3K交易，比2024年12月的287K降低了99％的降低。自2022年3月以來，我們還沒有看到這麼低的數字，因此這是整體網絡使用情況的顯著下降。

This low level of network usage has implications for Bitcoin’s fair value, especially considering its current price of $99,000. The slowdown suggests that the cryptocurrency could be overvalued, as its activity levels no longer align with its market price.

這種低水平的網絡使用量對比特幣的公允價值具有影響，尤其是考慮到目前的價格為99,000美元。放緩表明，加密貨幣可能會被高估，因為其活動水平不再與市場價格保持一致。

For instance, the Metcalfe Valuation Bands currently indicate a fair value range of $48,000 to $95,000, suggesting that the current price is inflated based on activity-based value.

例如，梅特卡爾夫評估帶目前表示公允價值範圍為48,000至95,000美元，這表明目前的價格是基於基於活動的價值而誇大的。

The diminishing network activity could be a transient adjustment period for the token, as the network responds to decreasing interest in protocols like RUNES. Investors will likely be keeping an eye on trends in network activity as an indicator of the token’s underlying strength.

由於網絡對符合符合人數等協議的興趣響應，網絡活動減少可能是令牌的瞬態調整期。投資者可能會密切關注網絡活動的趨勢，以表明令牌的基本力量。